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| Sale of Pulcra Chemicals now formally completed | | November 20, 2008 (Germany) |  |
Global specialty chemicals supplier Cognis and Fashion Chemicals GmbH & Co. KG announced that the sale of Pulcra Chemicals has now been formally completed. The sale is in line with Cognis’ strategy of focusing on its core businesses driven by the wellness and sustainability trends.
The transaction follows the signing of an agreement to sell Cognis’ subsidiary Pulcra Chemicals to Fashion Chemicals GmbH & Co. KG (“Fashion Chemicals”) and is based on the regulatory approval obtained from the relevant authorities. The cash proceeds from the transaction amount to 23.1 million euros. Fashion Chemicals additionally took over 15 million euros of financial liabilities (including debts and pensions).
Pulcra Chemicals, which supplies process chemicals to the textile and leather industries, was previously the Process Chemicals strategic business unit (SBU) of Cognis. The SBU was carved out into separate legal entities on July 1, 2007, and renamed Pulcra Chemicals. | | | | Pulcra Chemicals | |
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